New investment fuels growth of AP Automation leader, expanding global footprint
OAKLAND, CA, May 3, 2023 /PRNewswire/ — OpenEnvoythe Silicon Valley artificial intelligence company that built the industry-leading automation of duties (AP) solution, today announced that it has secured 15 million dollars in Series A financing led by RRE Ventures, including participation from Coelius Capital, Hack VC, Riot Venturesand Uncorrelated ventures.
OpenEnvoy automates costly financial processes, preventing billions of dollars in overpayments. Through advanced AI, the OpenEnvoy platform rapidly digitizes invoices and reconciles with 99 percent accuracy, while eliminating costly billing errors and lengthy cross-departmental approval processes. OpenEnvoy handles all types of invoices, but is particularly well known for its ability to manage large volumes of variable cost invoices for complex obligations.
“We’re excited to continue pushing the boundaries in AI to automate financial processes.” says Matthew Tillman, CEO of OpenEnvoy. “With this new round of funding, we are well positioned to extend our industry leadership and growth. By automating AP and other finance processes, OpenEnvoy enables finance teams to focus on more strategic activities that help our clients realize significant return on hard dollars through improved cash flow and operational efficiency.“
The market demands solutions that are highly accurate, process in real-time and deliver bottom-line value. OpenEnvoy’s best-in-class controls protect customers from vendor fraud, keep cash flow safe and hold vendors accountable. The company’s industry-proven solutions also include no-code integration to get customers up and running quickly and easily. Using AI to automate this tedious, repetitive work for AP teams frees up significant resources, increases efficiency for faster time-to-value, and eliminates complex approval workflows, while unleashing business creativity leading to new opportunities for growth and success.
“OpenEnvoy is poised to change an industry that has remained largely unchanged for the past 100 years,” says Jason Blackgeneral partner at RRE Ventures. “Invoice processing is still cumbersome, error-prone and tedious even in the rare cases where it has been fully digitized. For most businesses, invoice processing is no longer a human-scale problem – that’s why most companies do spot checks, not full audits. OpenEnvoy’s unparalleled AI technology, combined with its integrated document digitization and processing technology, fundamentally transforms the AP function, providing immediate value and often saving clients millions in overpayments. As the lead investor in OpenEnvoy’s Series A round, RRE Ventures is extremely proud to support the growth of this category-defining company.”
“OpenEnvoy digitizes highly complex invoices with complete accuracy and the highest speed on the market,” says Will Caufieldgeneral partner at Riot Ventures. “They specialize in solving highly complex challenges in highly complex industries including logistics, transportation and manufacturing. They modernize old, siled industries – exactly why we’re doubling down on this round.”
“Our philosophy is that ideas are meaningless, established ideas are priceless,” says Zach Coeliusmanaging partner at Coelius Capital. “We are investing in OpenEnvoy because they have more than confirmed that end-to-end automation is the key to success, especially with so many evolving jobs. Finance is about results, and capital markets want to see immediate, meaningful returns on investment.”
“Finance teams demand greater efficiency, higher profitability and better cash flow by automatically identifying invoice discrepancies, automating the aging process and uncovering valuable information about supplier networks.” says Salil Deshpandegeneral partner at Uncorrelated Ventures. “We are investing in OpenEnvoy because companies work with them to meet all these needs. Organizations that aren’t should start doing so yesterday.”
Learn how OpenEnvoy is transforming accounts payable by requesting your AP Automation demo with an expert here.
OpenEnvoy empowers finance teams with advanced AI-driven visibility, automation and cash flow solutions. Learn how the company prevents wasted spending by visiting www.openenvoy.com. Gartner names OpenEnvoy a leading AP invoice automation provider. Read more at Future FinOps or follow @OpenEnvoy on Twitter and LinkedIn.
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VP of Marketing, OpenEnvoy